Average National Costs of Nursing Home Care
Medicare, the federal government’s national health insurance program, does not usually cover long-term nursing home costs. However, some plans may fund temporary stays in a skilled nursing facility (SNF) if someone needs specialized care. Medicare classifies nursing home care as either skilled or custodial.
A nursing home doesn’t take all of your money the second you walk through the door. Nursing homes do cost a tremendous amount of money – often over $200 a day – so, eventually, a person may end up paying all of his money to the nursing home, if he lives long enough in the nursing home.
If you or a family member faces the need for nursing home care and have limited assets, you can use Social Security to help pay for some cost. According to the government’s latest National Nursing Home Survey, the average nursing home stay is 835 days or more than two years.
If you’re enrolled in original Medicare, it can pay a portion of the cost for up to 100 days in a skilled nursing facility. You must be admitted to the skilled nursing facility within 30 days of leaving the hospital and for the same illness or injury or a condition related to it.
If a person is unable to care for themselves for a sustained period of time and a lack of assistance would result in them being a danger to themselves, they would likely meet the requirement for Nursing Home Level of Care. Typically, states require individuals to be unable to care for themselves in more than one way.
If you are unable to pay for care because of financial difficulties, you can apply for financial hardship assistance from the Government. If your application is successful, the Government will lower your accommodation costs.
The basic rule is that all your monthly income goes to the nursing home, and Medicaid then pays the nursing home the difference between your monthly income, and the amount that the nursing home is allowed under its Medicaid contract. Medicaid also allows a few other exceptions.
A nursing home can’t “go after” a person’s home or other assets. The way it works is that when a person goes into a nursing home they have to find a way to pay for the cost of their care. But Medicaid requires that a person only have limited income and assets before it will start to pay for care.
Medicaid. If an individual lacks enough savings to cover the cost of a nursing home – or if the cost of a protracted stay exhausts their assets – they can become eligible for assistance from Medicaid. State Medicaid programs are required to cover nursing home care, according to the American Health Care Association.
6 Steps To Protecting Your Assets From Nursing Home Care Costs
You’ve hurt your back when lifting or helping your loved one. Your loved one’s disability has progressed to the point that safety is endangered. Your loved one has wandered and gotten lost more than once. Other major responsibilities are being neglected to the point of creating problems for you or your family.
While there is no way that a nursing home can take your home away from you, you may be forced to sell your house/property, or take out a loan, in order to pay your expenses. This is only necessary in rare circumstances, however, and as soon as your assets drop below $34,000 you become eligible for financial assistance.
The current “60% rule” stipulates that in order for an IRF to be considered for Medicare reimbursement purposes, 60% of the IRF’s patients must have a qualifying condition. There are currently 13 such conditions, including, stroke, spinal cord or brain injury and hip fracture, among others.
Medicare does not cover private patient hospital costs, ambulance services, and other out of hospital services such as dental, physiotherapy, glasses and contact lenses, hearings aids. Many of these items can be covered on private health insurance.